IRI SUPPORTS SENATE EFFORT TO ADVANCE FINANCIAL LITERACY

Washington, DC – A Senate hearing today on financial literacy is “well-timed” to examine the current state of the issue and to gather information on programs and efforts already underway to improve consumers’ awareness and knowledge of retirement security issues, according to the Insured Retirement Institute (IRI).

While in the past, many Americans relied on employer-based pension plans for retirement savings, today most Americans rely on defined contribution retirement plans, such as 401(k) or Individual Retirement Accounts which make individuals responsible for ensuring their own financial security in retirement. To help them face that challenge and overcome obstacles consumer financial literacy is more crucial than ever before to the retirement security of millions of Americans.

In a letter submitted to the Senate Health, Education, Labor and Pension Subcommittee on Primary Health and Retirement Security, IRI welcomed the opportunity to discuss financial literacy and described efforts it is engaged in to promote consumer financial education and comprehensive retirement planning.

“We are grateful to Senators Mike Enzi (R-WY) and Bernie Sanders (I-VT) for their leadership on financial literacy and for this well-timed hearing,” wrote IRI President and CEO Cathy Weatherford. “IRI and the retirement income industry look forward working with them and the Committee to expand the financial literacy and retirement planning skills of all Americans.”

“Since 2009, IRI has proudly led the National Retirement Planning Coalition (NRPC),” said Weatherford. “The NRPC is comprised of prominent financial education, consumer advocate, and financial services organizations, all of whom are dedicated to improving consumer financial education and demonstrating that it is possible to retire on your terms if comprehensive retirement plans are developed and managed. The IRI-led coalition sponsors National Retirement Planning Week each April in conjunction with Financial Literacy Month and provides a wealth of research, resources, and tools for consumers, financial professionals, and policymakers at RetireOnYourTerms.org.”

An example of the resources offered by IRI and the NRPC highlighted in the letter to the subcommittee are a series of Tips for Consumers that are offered to financial professionals, which are approved by FINRA, and used to educate and inform consumers about making decisions regarding their finances and retirement. IRI included a number of these documents as part of the letter submitted to the committee.

To learn more about the National Retirement Planning Coalition, click here.